$15 million Regional Growth Fund to stimulate economy

A special $15 million stimulus round of the Regional Growth Fund has been brought forward by the Marshall Liberal Government to help fast track the recovery of regional economies after COVID-19 restrictions.

Applications are now open for the grants between $50,000 and $2 million to unlock business investment to jump-start economy-growing projects in regions across the state.

Minister for Primary Industries and Regional Development Tim Whetstone said regional South Australia had been hit particularly hard by COVID-19 restrictions.

“Our regional communities have had a devastating start to 2020, firstly with drought, then bushfires and now the coronavirus pandemic,” said Minister Whetstone.

“Our regions are a key driver of the South Australian economy and will be critical to a speedy recovery after COVID-19 restrictions which is why the Marshall Liberal Government is fast tracking $15 million of the Regional Growth Fund to provide some much-needed stimulus.

“South Australians have done a fantastic job working together to limit the health impacts of coronavirus and now we need to focus on building a strong economy that creates job opportunities now and into the future.

“The economic strength of our regions will underpin the future prosperity of South Australia, and this is an exceptional one-off opportunity for individual businesses to access up to $2 million to launch shovel-ready projects that drive new or enhanced economic activity and create jobs.

“The Regional Growth Fund usually isn’t available to individual businesses, however, the unprecedented nature of the coronavirus pandemic means we’re opening this once-off funding opportunity to stimulate investments by individual commercial enterprises.

“Over the long weekend we pleasingly saw South Australians get out and about supporting our regions and this RGF round is a great opportunity for the private sector to help further boost our regional economies.”

Applicants in this special one-off round of the Regional Growth Fund strategic pool can seek grants from $50,000 up to $2 million, with projects given preference if they can demonstrate a greater private-to-government funding ratio and demonstrable strong economic outcomes.

Applications will be accepted from individual commercial enterprises, incorporated associations, and business clusters. Successful projects must provide enduring economic benefits and growth for regional South Australia.

Applications will be assessed by an independently chaired cross-government panel before being presented to the State Government. Applications for the Regional Growth Fund ‘Strategic Business Round 2020’ close at 12pm on Monday 6 July 2020.

Find more information and apply at: www.pir.sa.gov.au/regionalgrowthfund

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